CIT Bank is the banking arm (subsidiary) of CIT Group, providing deposit and banking services to individual consumers, as well as commercial banking, lending, leasing, and financing services to businesses.
The “CIT” in CIT stands for Commercial Investment Trust — the original name under which CIT was established over a century ago.

Company Profile & Leadership

CIT Group — the parent company of CIT Bank — was founded in 1908 (originally as Commercial Credit and Investment Company, later renamed to Commercial Investment Trust).

Headquarters: New York, New York, USA.
Industries: Financial services, including banking, commercial lending/financing, leasing, factoring, advisory, asset-based lending, mortgage, and more.
Employees: thousands (historically ~3,600–3,800) (as per older reports).

Leadership (pre-merger):

Ellen R. Alemany — Chairwoman & CEO of CIT Group.
Other key executives included the CFO and leadership of CIT Bank division (for example, Robert Rubino was President of CIT Bank).

Current Status: As of January 2022, CIT Group (and consequently CIT Bank) was merged into First Citizens BancShares (parent of First Citizens Bank). The combined institution became one of the top 20 U.S. banks by assets.
Post-merger, CIT Bank operates as a division of First Citizens Bank, meaning that while the “CIT Bank” brand may persist in some contexts, legally and operationally it is part of First Citizens Bank now..

Services & Products — What CIT Bank / CIT Group Offered

CIT’s operations are structured broadly into two segments: Commercial Banking and Consumer Banking.

✅ Commercial Banking Services

Commercial lending: revolving lines of credit, term loans, unsecured loans, collateral-backed loans, asset-based loans, commercial real estate loans, cash-flow loans.
Leasing and financing: equipment/vendor financing, asset financing, rail/transport leasing (for transportation/railroad clients), vendor financing.
Factoring, receivable management, supply-chain financing.
Treasury and cash management services, payments services, capital markets, advisory services for middle-market companies and small businesses.
Real estate financing, mortgages (commercial, business, real estate).

🏦 Consumer / Retail Banking Services (via CIT Bank)

Checking accounts, savings accounts, money-market accounts, time deposits, certificates of deposit (CDs).
Residential mortgage loans for individuals.
Online banking / direct-bank platform (digital bank) plus regional branch network (historically ~80–90 branches, many in Southern California).
Services for small-business customers (SBA loans, small-business banking) under consumer banking segment.

Because of this mix, CIT Bank (and CIT Group) served both:

Individuals seeking deposit accounts, mortgages, digital banking.
Small and medium enterprises, mid-market companies, and even larger firms needing financing, leasing, assets funding, or specialized lending / advisory.

History, Funding & Merger — From 1908 to Today

Founded February 11, 1908 as “Commercial Credit and Investment Company” in St. Louis by Henry Ittleson.
Later relocated headquarters to New York City and renamed to Commercial Investment Trust (CIT).
Over decades, diversified: financing appliances, vehicles, consumer goods, wholesale suppliers, auto financing (e.g. early agreement with Studebaker), consumer financing, equipment leasing, etc.
Mid-to-late 20th century: expanded into leasing, personal and home equity loans, business credit, diversified acquisitions.
1997: went public via IPO, raising significant capital.
2008–2009: During financial crisis, CIT Group underwent major stress. It sold parts of its business (home-lending, manufactured housing loans), became a bank-holding company, received funds from the U.S. government (TARP), faced bankruptcy, but emerged via reorganization under Chapter 11 in December 2009.
Post-recovery: CIT refocused on commercial banking, leasing, financing, and consumer banking via CIT Bank — acquiring other banks (e.g. Mutual of Omaha Bank in 2020) to strengthen its retail banking segment.
Merger / Acquisition: On January 3, 2022, CIT Group (and CIT Bank) was acquired by First Citizens BancShares. This combined entity created a top-20 U.S. bank (by assets, over US$100 billion) under the name First Citizens Bank.
As part of the integration, by November 2022, CIT Bank division branches and accounts were converted to First Citizens Bank’s operations and systems.
For customers, this meant continuity — while the branding may linger, all operations now run under First Citizens Bank infrastructure.

Market Size & Recent Status

As of 2020, CIT had total assets around US$53.9 billion and $43.1 billion in deposits.
Before merger, CIT Bank + CIT Group had a branch network of ~80–90 branches and a national online banking operation.
Post-merger, with First Citizens BancShares, the combined organization reportedly had more than US$100 billion in assets, consolidating retail and commercial banking operations to create a larger, more diversified bank.
The merger was positioned to boost scale, improve profitability, expand product offerings, and leverage complementary strengths — combining CIT’s commercial lending franchise with First Citizens’ retail banking and deposit base.

Thus, while CIT Bank as a standalone public entity no longer exists, its legacy persists inside a much larger banking organization — giving its former customers access to a broad array of banking, commercial, retail, and wealth management services under First Citizens Bank.

Future Outlook — What It Means Going Forward

The merger creates a larger, more diversified bank entity with both strong retail deposit capabilities and robust commercial banking / financing strength — likely allowing for more competitive products, broader reach, and better financial stability.
Customers of former CIT Bank divisions now benefit from the expanded product suite of First Citizens Bank — including potential access to broader retail banking services, wealth management, credit products, and a larger branch/ATM/digital banking network.
On the institutional side, the combined institution is well positioned to leverage economies of scale, diversified funding/deposit base, and nationwide commercial banking presence to grow further.
For regular savers or consumers, the disappearance of standalone “CIT Bank” (in regulatory/structural sense) means due diligence: checking that even if you see “CIT Bank,” it’s under First Citizens Bank’s coverage (FDIC-insured, regulated accordingly).

FAQs

Is CIT Bank still operational as an independent bank?

CIT Bank (along with CIT Group) was merged into First Citizens BancShares. Operatively, it now functions as a division of First Citizens Bank.

Is my deposit still safe / insured?

Yes. First Citizens Bank is FDIC-insured and the merger included regulatory approvals. Customers formerly banking with CIT Bank are transitioned under First Citizens Bank, with deposits and accounts maintained.

Will services change after merger?

The plan was to retain and integrate the strengths of both banks. Customers were informed that they would continue to get their regular services, and over time get access to a larger suite of products, including those offered by First Citizens.

What kinds of customers did CIT Bank / CIT Group serve?

Both individual consumers (for savings, checking, mortgages) and small/mid-size or even larger businesses needing commercial loans, leasing, equipment financing, factoring, treasury/asset management etc.

Why did CIT Bank merge with First Citizens?

The merger was structured to combine complementary strengths — CIT’s national commercial lending franchise and direct banking platform, with First Citizens’ retail banking footprint and deposit base — to create a stronger, diversified full-service bank, improve scale, profitability, and expand offerings.

Conclusion

CIT Bank — once a standalone banking subsidiary of CIT Group — played a dual role: offering retail banking to individuals, and delivering commercial banking, financing, leasing, and advisory services to businesses. With more than a century’s history starting in 1908 as Commercial Investment Trust, CIT evolved significantly over decades, through crises, expansions, and strategic acquisitions.

However, as of 2022, CIT Bank and CIT Group no longer exist as independent publicly traded entities — they have been merged into First Citizens Bank (under First Citizens BancShares), forming one of the top 20 banks in the U.S. by assets. For customers and businesses, that means a larger, more diversified banking institution with access to a broader suite of services, while still retaining the legacy of CIT’s strengths in commercial finance.

Whether you were a saver, a mortgage-seeker, or a business needing loans or leasing — the CIT legacy lives on, now under a bigger banking umbrella.

What is CIT Bank?